Bandra-Kurla Commercial Complex

Progress Report

The diamond bourse

Work is expected to be complete by 1997. The 10-storey building will
have parking for 1800 cars and a terrace helipad in addition to
security systems and international communication lines.

International finance and business centre plots

Of the 60 plots available in the 100 hectares area, 22 have been sold.
The UTI and Citibank buildings are expected to be complete by 1997.
Road construction is not yet complete.

Convention center

Leela Hotel Ventures Ltd was given the Rs. 1.33 crore contract, but
has backed out. Fresh tenders are being invited.

Departmental store and car park

The contractor for one of the four such planned complexes,
Yaugandhara Investments, has backed out. Fresh tenders will be invited.

Bandra-Kurla rail link

Consultants Rail India Techno Economic Services have submitted their
report to the railway authorities. After approval, a further 7 years
will be required to complete the link.

National stock exchange

Plans are under scrutiny.

Land prices

Year

Price (Rs/sq m)

1983

1,930

1986

5,000

1993

30,000

1995

110,000

In the 370 hectares Bandra-Kurla Complex, 100 hectares are set aside for the
IFBC. Land prices have appreciated since the early 80's. However, the MMRDA
has stopped selling plots in view of the current slump in prices, and plans
to sell again after the rates resume their upward movement.